IrDA Current Affairs, GK & News

IrDA  Current Affairs, GK & News

SC issues Notice over health insurance for Mental Illness

On June 16, 2020, the Supreme Court of India issued notice to the Insurance Regulatory Development Authority (IRDA) and the Union Government on providing Health Insurance for mental illness. Highlights In 2018, the IRDA had issued a circular asking all insurance companies to comply with the Mental Healthcare Act. According to the act, the mental ..

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Cabinet Approval: Capital Infusion in three public sector Units OICL, UIICL and NICL

On February 12, 2020, the Union Cabinet approved on capital infusion in three Public Sector Units namely United India Insurance Company (UIICL), Oriental Insurance Company Limited (OICL) and National Insurance Company Limited (NICL). Highlights During the meet the cabinet also approved an immediate release of Rs 2,500 crores in order to address their critical financial ..

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FM chairs 20th Meeting of FSDC

The 20th Meeting of Financial Stability and Development Council (FSDC) was held under the Chairmanship of Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs. Key Highlights of Meeting The Meeting reviewed current global and domestic economic situation, overall macro-economic situation and financial stability issues including those concerning Banking and Non Banking Financial Company ..

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Finance Ministry constitutes committee to consolidate regulation of pension products

The Union Finance Ministry has constituted a high-level committee to consolidate the regulation of pension products that is currently being done by three different watchdogs including insurance and stock market regulators. The committee would have representatives from all financial sector regulators SEBI, IRDA, RBI and PFRDA. Its mandate will be to look into the issue ..

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Bancassurance

Bancassurance or Bank Insurance Model refers to the distribution of the insurance and related financial products by the Banks whose main business is NOT insurance. So, simply Bancassurance, i.e., banc + assurance, refers to banks selling the insurance products In India, ever since espousing of financial reforms following the recommendations of First Narasimham Committee, the ..

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